Australia’s Treasury Wine Sees Long Recovery From China Tariffs
- Penfolds says it will maintain export diversification
- Any China tariff cuts won’t be a ‘big tap’ turned on overnight
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Australia’s wine exports to China could take years to recover fully after any easing of steep tariffs, the head of Penfolds owner Treasury Wine Estates Ltd. said, as frosty ties between the two countries show signs of thawing.
“It’s going to take us two, three, four years to really start building up the Australian side of it again because we are not going to go back to where we were,” Chief Executive Officer Tim Ford said at an Australia-China Relations Institute event in Sydney on Tuesday evening. “This isn’t going to be a big tap that gets turned on overnight for us.”